“Managing savings, homeownership during first retirement year” by Sarah Wolak:

• The first year of retirement is extremely important — it sets the tone for long-term financial stability. H
• Advisors say retirees need to balance spending and saving carefully so they don’t deplete savings too fast.
• It’s common for new retirees to overspend in what’s called the “go-go years” — the early retirement phase when people may travel or spend more.
• On the other hand, being too cautious can mean missing out on meaningful goals or experiences.
• Experts — including Scott Van Den Berg of Century Management — advise waiting 6–12 months after retiring before making major financial decisions like big gifts, property purchases, or large withdrawals.
• It’s recommended to keep 12–18 months of cash reserves (or liquid assets) to avoid needing to sell investments in a market downturn.
• For homeowners, strategies like reverse mortgages or home-equity lines of credit (HELOCs) can provide financial flexibility without forcing a house sale during volatile times.
• Retirees should build a sustainable withdrawal plan that mimics a paycheck — this helps manage taxes, spending, and market risk.